Critical & Life Care Cover

Skywaiter

My wife recently had a heart attack but thankfully after an angioplasty is recovering nicely. We were talking about our future when the question of critical and life care cover came up. We have insurance policies with this type of cover.
1. Is it advisable to claim on these policies bearing in mind they are linked to our mortgage?
2. Would it be advisable to ask for assistance from a financial advisor to ensure we get the right advice and therefore make the right decision.

Any advice would be greatly appreciated.

Best regards

Skywaiter

dunstonh

1. Is it advisable to claim on these policies bearing in mind they are linked to our mortgage?

No policy is linked to a mortgage. Your wife has suffered a claimable event and a lump sum payment on the critical illness plan is available. There is no conceivable reason why you would not put a claim in.

2. Would it be advisable to ask for assistance from a financial advisor to ensure we get the right advice and therefore make the right decision.

If you need advice then you should see an IFA. If you purchased the product via an IFA they will also help with the claims process.

Skywaiter

I take it once a claim is placed then that policy would be terminated.

_Andy_

Skywaiter wrote: »

I take it once a claim is placed then that policy would be terminated.

If you're talking about critical illness cover then yes it pays out a lump sum then the policy ends. As Dunstonh has said, I can't see why you wouldn't want to be claiming on it.

koexelek

_Andy_ wrote: »

If you're talking about critical illness cover then yes it pays out a lump sum then the policy ends. As Dunstonh has said, I can't see why you wouldn't want to be claiming on it.

I thought the same

it will only pay out once, so why not take the money now if you can ?